Euroz lifts profit in FY18
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Financial services company Euroz has reported a surge in profits for the 2018 financial year, along with an uplift in its dividend, driven by higher performance fees from its listed investment companies.
Euroz has flagged an unaudited net profit after tax of $31.3 million, which is a 61 per cent increase on last year’s result.
The company confirmed it would pay a fully franked dividend of 9.25 cents per share, taking the full year dividend to 11 cents, representing a 52 per cent rise from 2017.
“The group experienced broadly similar trading conditions to the previous year with improved performance fees being the driver for increased profitability and dividends,” Euroz said in a statement to the ASX.
“Euroz Limited has pursued a very deliberate and incremental diversification strategy over the past four years which combined with a positive resources market has delivered an excellent result to all shareholders this year.”
The company’s broking division raised $837 million of new equity, which was slightly down on last year’s result of $865 million.
Its corporate finance income was similar to the prior year while its brokerage revenue was up slightly.
“Entrust has reported a pleasing improvement in profitability versus the previous year driven by good first half FUM growth and cost improvements,” the company said.
Euroz’s group funds under management has increased 21.3 per cent to $1.46 billion.
These results triggered substantial end-of-year performance fees.
The company said it remained committed to its Prodigy Investment Partners joint ventures, which have $107 million FUM.
Flinders Investment Partners recording a 34.2 per cent investment performance, while Dalton Street Capital reached 18.3 per cent.
Shares in Euroz finished up 1.5 per cent at $1.35 each today.